Subsidy Removal Not Instantaneous – Tinubu’s media Team

The Asiwaju Bola Ahmed Media Centre, has urged Nigerians to stop panic buying of petroleum products which started a few hours after President Bola Tinubu statement on fuel subsidy during his inauguration speech on the 29th of May.

This appeal was made by the Tinubu media centre in a statement issued via its verified Twitter handle on Tuesday.

The statement reads that the President’s statement that petrol subsidy had stopped was not a new development but a restatement of the federal government’s intention to end subsidy by June.

In his inaugural speech on Monday, Tinubu said the petrol subsidy regime was over. “On fuel subsidy, unfortunately, the budget before I assumed office is that no provision is there for fuel subsidy. So, fuel subsidy is gone,” the president said.

Nigerians reactions to the pronouncement

Following Tinubu’s pronouncement, Nigerians rushed to fill their tanks as they expected an increase in fuel prices due to the declaration and huge queues resurfaced at filling stations in some parts of Nigeria. The Independent Petroleum Marketers Association of Nigeria (IPMAN) have blamed the situation on panic buying.

Nigerians also took their frustration online on Tuesday morning, bemoaning the price hikes, and trading blames on the regulators and retailers. Many also complained about increased fares for ride-hailing services with surges of over 100%.

The Tinubu media centre statement

In reacting to the misconception, the Tinubu media centre said the rush to purchase petrol “is needless” as the president only spoke based on already existing plans. It added that the removal of the subsidy will not happen soon.

“The public is advised to note that President Bola Tinubu’s declaration that “subsidy is gone” is neither a new development nor an action of his new administration,” the statement reads.

Nigerians expectations

Experts have called for more transparency with the President’s words over the scarcity. Taiwo Oyedele, Fiscal Policy Partner and Africa Tax Leader at PricewaterhouseCoopers (PwC) had said that the Tinubu administration and relevant agencies need to provide context to the fuel subsidy removal declaration.